summary
Introduced
01/06/2026
01/06/2026
In Committee
01/12/2026
01/12/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
An act relating to private insurance coverage for credit union accounts; amending s. 657.033, F.S.; providing a private insurance option for coverage for credit union accounts; authorizing the Office of Financial Regulation to prohibit qualified private organizations from providing such insurance coverage under certain circumstances; authorizing such qualified private organizations to seek judicial review; defining the term "qualified private organization"; providing an effective date.
AI Summary
This bill amends Florida law to allow credit unions to obtain insurance for their accounts from either the National Credit Union Administration (NCUA), which is a federal agency that insures deposits in federally insured credit unions, or from a "qualified private organization." A qualified private organization is defined as an insurance company licensed to operate in Florida or an approved share insurance guarantor. The Office of Financial Regulation (OFR), a state agency that oversees financial institutions, is authorized to prevent these private organizations from providing insurance if they lack the necessary resources or bylaws to adequately protect credit union accounts in Florida, though these organizations can appeal such decisions through judicial review. This change aims to provide an alternative private insurance option for credit union accounts and will take effect on July 1, 2026.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
1st Reading (Original Filed Version) (on 01/13/2026)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.flsenate.gov/Session/Bill/2026/1083 |
| BillText | https://www.flsenate.gov/Session/Bill/2026/1083/BillText/Filed/PDF |
Loading...